LIC, Singapore govt hike stake in Reliance Industries

At the current market price, the additional shares purchased by LIC during the quarter are worth about Rs1,450 crore, while that of Singapore government is worth about Rs100 crore


New Delhi: State-run insurance giant Life Insurance Corporation of India (LIC) and the Government of Singapore have hiked their stakes in Reliance Industries  (RIL( with the purchase of shares worth over Rs1,550 crore during the last quarter, reports PTI.
 
LIC increased its stake in Mukesh Ambani led RIL from 7.09% to 7.77% during the quarter ended 30 June 2012.
 
During the same period, the Government of Singapore also raised its RIL holding marginally from 1.06% to 1.22%.
 
At the current market price, the additional shares purchased by LIC during the quarter are worth about Rs1,450 crore, while that of Singapore government is worth about Rs100 crore.
 
LIC’s holding in RIL now stands at about 25.2 crore shares, rising by close to two crore in the April-June quarter, while Singapore government’s RIL holding has risen by more than 15 lakh shares to 3.94 crore shares during the period.
 
On the other hand, the holding of another major non-promoter shareholder, Franklin Templeton Investment Funds, in the company declined marginally by 4.26 lakh shares (worth about Rs31 crore) to 1.22%.
 
The promoter holding in RIL rose by 0.4% to 45.15% during the quarter. The total FII (Foreign Institutional Investor) holding in RIL, however, declined from 17.55% to 17%, as they sold shares worth an estimated Rs1,300 crore.
 
At the same time, the overall holding of DIIs (Domestic Institutional Investors) rose from 10.71% to 11.2%.

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New notes of Rs10, 50 to be launched soon

 

RBI will issue Rs10 and Rs50 denomination banknotes incorporating the rupee symbol, with inset letter 'L' in the Mahatma Gandhi Series-2005
 
Mumbai: The Reserve Bank of India (RBI) will soon launch bank notes of Rs10 and Rs50 denominations with the rupee symbol, reports PTI.
 
“The Reserve Bank will shortly issue 10 and 50 denomination banknotes incorporating rupee symbol, with inset letter 'L' in the Mahatma Gandhi Series-2005 bearing the signature of D Subbarao, Governor, RBI,” it said.
 
The year of printing 2012 will be on the reverse of the banknote, it added.
 
“The design of these notes to be issued now is similar in all respects to the Rs10 and Rs50 banknotes in Mahatma Gandhi Series-2005, issued earlier,” it said.
 
All the banknotes in the denomination of Rs10 and Rs50 issued by the bank in the past will continue to be legal tender, the RBI said. 

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RBI asks banks not to give additional interest rate to NRI staff

 

“The discretion given to banks to allow the benefit of additional interest rate of 1% per annum as available to the bank's own staff on deposits under FCNR accounts stands withdrawn,” the RBI said in a notification
 
Mumbai: The Reserve Bank of India (RBI) has directed banks not to provide 1% additional interest rate to its non-resident existing or retired staff members, reports PTI.
 
“On a review, it has now been decided that banks should not allow the benefit of additional interest rate on any type of deposits of non-residents,” RBI said in a notification.
 
“The discretion given to banks to allow the benefit of additional interest rate of 1% per annum as available to bank’s own staff on deposits under Foreign Currency Non-Resident (FCNR) accounts stands withdrawn,” it said.
 
The central bank has also withdrawn similar discretion given to banks with regard to Non-Resident Ordinary (NRO) and Non-Resident External (NRE) Accounts.
 
“Accordingly, the discretion given to banks to allow the benefit of additional interest rate of 1% per annum as available to the bank’s own staff on deposits under NRE/NRO accounts stands withdrawn,” the RBI said in a separate notification.
 
All other instructions in this regard, as amended from time to time, will remain unchanged.

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